Saudi Court Orders $586 Mln in Favor of State Properties General Authority

Saudi Court Orders $586 Mln in Favor of State Properties General Authority

The Makkah General Court issued a ruling of SAR 2.2 billion ($586 million) in favor of the State Properties General Authority (SPGA) after the latter had paid the amounts for the confiscation of two real estate properties in Makkah.

Governor of the SPGA, Ehsan bin Abbas Bafakih, said the lawsuit is the first of its kind in terms of size, according to a statement on Tuesday.

He reiterated that the authority will continue applying transparency, justice and governance standards with regard to ownership confiscation criteria. In addition, it will put in place regulations to evaluate properties and achieve its missions in preserving the state's properties and protecting public money.

The Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank, meanwhile, imposed penalties on 30 financial institutions due to violations of “responsible finance principles” for individuals.

It ordered them to take corrective measures otherwise SAMA is entitled to take the necessary regulatory measures against them, banning them from offering the responsible finance products.

In an official statement on Tuesday, SAMA said its move was a result of evidence it found against the listed financial institutions having violated responsible finance principles for individuals.

The